Canpartners noted in a court filing that Deborah Pierce, the chief financial officer of Hooters casino's parent company, 155 East Tropicana LLC, in early July had an annual base salary of $191,406 - not counting potential bonuses.

"Sometime last month, on the eve of bankruptcy, Ms. Pierce's base salary was increased by 61 percent (to $307,406)," Canpartners said in the brief.

Canpartners charged that while "hotel and casino revenues have steadily decreased since 2007, the salaries of executive level employees have dramatically increased during this same timeframe."

"Based on the company's financial statements previously provided to Canpartners by Ms. Pierce, net revenue declined by 34 percent from $66.5 million to $43.7 million from 2007 to 2010, respectively," Canpartners' filing said. "During that same time period of revenue decline, executive salaries increased 8 percent whereas salaries for all departments excluding executives declined by 26 percent and full-time employees were reduced by 37 percent from 966 FTEs to 605 FTEs."